Benami Property Transactions | Risks, Laws, & Implications
Property rights have always been difficult to understand and comply with by individuals and even by big companies. Making the risk higher in case of property dealings, Benami properties add on. Benami properties are a great escape to black money. Honorable Prime Minister Narendra Modi has taken this issue seriously. With the enactment of the Benami Transactions (Prohibition) Amendment Act, 2016, the government has already initiated a step against it.
Now there is provision for fine up to 25% of property’s Fair Market Value & imprisonment starting from 1 year extending up to 7 years in case of offence of Benami transaction and up to 10% of Fair Market Value & imprisonment from 6 months extending up to 5 years in case of providing false information but still it remains difficult for anyone to understand the complicated web-like procedures and proceedings. So, here comes G K Kedia & Co. which follows systematic procedure and uses its expertise in helping out all the clients to get them the best.
The following services are provided by G K Kedia & Co. with respect to Benami Properties:
- Representing before Initiating Officer
- Systematic procedural dealing with Approving Authority
- Representing before the Administration
- Experts representing in front of Adjudicating Authority
- Proper guidance regarding compliances
Why Us
We are a vibrant Firm of Chartered Accountants with the objective of creating a single window for the entire array of financial services.
We believe integrity is the quintessential value that is the engine behind getting things done in the organization.
Professional integrity and independence is an essential characteristic of all the professions but is more so in the case of accountancy profession.
Mr. Kedia's View
Lately, the government gave the due attention to the Benami properties but it still remains very complicated to understand the steps or procedures to be followed if stuck with Initiating Officers, Approving Authorities, Administration or the Adjudicating Authorities. It requires lots of experience and expertise to effectively come out of these matters. Thus, organisations must hire the services of experts who have the complete infrastructure, software, hardware & manwares. We provide all the services and guidance required to anyone or any organization regarding the matters of Benami Properties on expert level.
CA Gopal Kumar Kedia
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